President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913, establishing the Federal Reserve System.
What is the Federal Reserve System's mission?
The Federal Reserve's functions are presently divided into four categories.
- Managing the country's monetary policy by affecting the economy's money and credit conditions in order to achieve full employment and stable prices.
- Supervising and regulating banks and other major financial institutions in order to ensure the safety and soundness of the nation's banking and financial system and to protect customers' credit rights.
- Maintaining financial system stability and limiting systemic risk in financial markets.
- Providing various financial services to the United States government, financial institutions in the United States, and worldwide governmental organizations.
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